Webster to raise $400 million in capital from Treasury

SimonKennedy

LONDON (MarketWatch) -- Webster Financial Corp.
WBS, -3.54%
the holding company for Webster bank, said Friday it has received preliminary approval for $400 million in new capital under the Treasury's capital purchase program. Webster said it plans to issue up to $400 million in senior preferred shares and provide warrants for up to an additional $60 million in common stock to the Treasury. "While Webster is already well capitalized, we support the Treasury's objective to ensure that sufficient credit is available for the borrowing needs of consumers and businesses," said CEO James Smith. The group added the additional capital will also position Webster to pursue opportunities for growth, including potential acquisitions.

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